Claude Resources Update: 2nd Quarter 2008
Exploration:
Madsen exploration during Quarter 2 2008:
? Madsen underground 8 Zone drill program moved ahead of schedule from First Half 2009 to Q4 2008.
? Drill results of 17.32 g/t over 10.33 m. (0.61 oz./t over 33.89 ft.) at Fork Zone.
? Drill results of 185.62 g/t over 0.41 m. (5.97 oz./t over 1.35 ft.) at Starratt Olsen.
Seabee exploration during Quarter 2 2008:
? Drill results of 32.52 g/t over 4.80 Meters (1.05 oz./t over 15.75 ft.) at Seabee.
? Indicated resource calculation of 727,500 Tonnes at 8.98 g/t at Santoy 8.
Claude continues its aggressive exploration program at Madsen, building toward a Q3 Resource Calculation, while increasing resources at Seabee.
Production:
? Gold production at the Seabee mining operation totalled 19,953 ounces for the first half of 2008.
o Represents a 17% production increase over first half 2007.
o Right in line with 2008 target of 48,000 oz. to 52,000 oz.
40% of production is targeted to occur in first half 2008 and 60% in second half 2008.
Financial:
? $18.1 Million raised through debenture offering.
? Funds targeted to financing capacity expansion at Seabee and exploration program at Madsen.
The debenture enables investment in Seabee and Madsen with minimized share dilution.
Corporate Strategy:
? Strategy: Focus on core assets:
o The oil and natural gas assets have been put on the market
? Strategy: Minimize share dilution going forward:
o Debenture provides funding with minimal dilution
? Strategy: Identify measurable resources:
o Resource calculation done for Santoy 8 at Seabee and planned for Q3 2008 at Madsen
? Strategy: Increase production at Seabee through investment:
o Production for first half 2008 is 17% above first half 2007
Four key strategies ? four benchmarks met.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This news release contains certain forward-looking statements relating but not limited to the Company?s expectations, intentions, plans and beliefs. Forward-looking information can often be identified by forward-looking words such as ?anticipate?, ?believe?, ?expect?, ?goal?, ?plan?, ?intent?, ?estimate?, ?may? and ?will? or similar words suggesting future outcomes or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information may include reserve and resource estimates, estimates of future production, unit costs, costs of capital projects and timing of commencement of operations, and is based on current expectations that involve a number of business risks and uncertainties. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to, failure to establish estimated resources and reserves, the grade and recovery of mined ore varying from estimates, capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and other factors. Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from expected results. Potential shareholders and prospective investors should be aware that these statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. Shareholders are cautioned not to place undue reliance on forward-looking information. By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Claude Resources undertakes no obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law.
For any questions or comments, please contact Dwight Percy, Vice President Corporate Development at Claude Resources. Email: dpercy@clauderesources.com Phone: 306.668.7501 Cell: 306.281.6469